Fitch upgrades IRPC

Fitch Ratings said it upgraded IRPC PCL's national long-term rating and senior unsecured rating to A(tha) from A-(tha). The outlook is stable.

Fitch also upgraded IRPC's national short-term rating to F1(tha) from F2(tha).

The agency said the upgrade reflects Fitch's reassessment of the strategic importance of the petrochemical and refinery business to its parent, PTT PCL (AAA(tha)/stable), after business reorganization over the past few years.

“The business, in which IRPC is a major component, is more important than we previously anticipated,” the agency said in a news release.

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